During the ongoing COP29 negotiations in Baku, India emphasized that climate finance should not be viewed as “investment goals” by developed countries, but rather as a unidirectional provision and mobilization goal from developed to developing countries. India’s lead negotiator, Naresh Pal Gangwar, stated on Thursday (November 14, 2024), “Climate finance cannot be changed into an investment goal. The Paris Agreement is clear on who is responsible for providing and mobilizing climate finance – it is the developed countries.” This statement was officially released by the Union Environment Ministry on Friday (November 15, 2024). The current discussion at Baku is around mobilizing $5-6.8 trillion for climate finance until 2030.
Various technical issues are being discussed at Baku, with a focus on the New Collective Quantified Goal on Climate Finance (NCQG). This goal aims to estimate the amount of funding developing countries will need from developed countries to transition to renewable sources and adapt to climate change while maintaining their developmental needs.
The current target, set in 2009, was to provide $100 billion annually from 2020-2025, but this target was only met in 2022. In 2021, countries agreed to increase this target and operationalize a new number by 2025. This is the focus of the Baku COP negotiations.
Representing the ‘Like-Minded Developing Countries (LMDCs)’ at the High-Level Ministerial on Climate Finance in Baku, India highlighted the increasing impacts of climate change in the form of disasters.
Mr. Gangwar stated, “We are at a critical juncture in our fight against climate change. The decisions made here will enable us, especially those in the Global South, to take ambitious action on mitigation and adaptation. This CoP is historic in that regard.”
The statement emphasized the importance of recognizing historical responsibilities and differing capacities in addressing climate change, in line with the principles of equity and common but differentiated responsibilities. It called for a strong outcome on the New Collective Quantified Goal at CoP29 based on these principles.
India reiterated the need for developed countries to commit to providing and mobilizing at least $1.3 trillion annually until 2030, with a focus on grants, concessional finance, and non-debt-inducing support tailored to the evolving needs of developing countries. This commitment is crucial for progressing towards COP30, where updated Nationally Determined Contributions (NDCs) are expected from all parties.
The statement also emphasized that any new goals introduced should align with the conventions and agreements already in place and ruled out any renegotiation of the Paris Agreement. Transparency and trust were highlighted as essential elements of the multilateral process, with a clear definition of climate finance needed to promote transparency and constructive discussions.
India stressed the urgency of developed countries meeting their commitments on climate finance, calling attention to the gap between commitments and actual mobilization of funds. The statement expressed hope that developed countries would fulfill their responsibilities and make COP29 a success.
Published – November 15, 2024 05:38 pm IST
